India is aiming high with its space economy, planning to boost it from $8.4 billion in 2022 to an impressive $44 billion by 2033. That’s a big leap! The goal is to grab 8% of the global market share. To support this vision, the Federation of Indian Chambers of Commerce and Industry (FICCI), alongside Dhruva Space and EY, held the ‘Bharat Space Conclave 2025’. The theme was ‘Space Innovations for Atmanirbhar Bharat’, focusing on investments, policy changes, and tech advancements. This event brought together industry leaders, startups, policymakers, and investors to share insights.
The conclave featured influential speakers like Sanjay Nekkanti from FICCI, Pamkej Khurna from EY, and Dr. AS Kiran Kumar, the former chairman of ISRO. They discussed how space tech can enhance various sectors and identified challenges such as financial hurdles that need overcoming to drive the space economy.
A significant moment at the conclave was the launch of a report titled ‘Unlocking India’s Space Economy: Pathways to Growth, Innovation, and Global Leadership’. This report reveals how space tech is becoming essential across multiple industries and highlights cost-effective advancements that could benefit India’s space landscape.
Historically, India’s space sector has prioritized scientific research and national security. However, a shift is happening. The market is moving towards a commercially driven, innovation-led approach. For instance, satellite communication (SATCOM) is expected to explode to $14.8 billion by 2033. This growth will enhance digital access, especially in rural communities, and bolster initiatives like Digital India.
Agriculture is another area where space tech can play a pivotal role. As agriculture employs roughly 45% of India’s workforce, satellite analytics can significantly boost crop yields, optimize water use, and assist in precision farming. Moreover, these technologies can improve navigation and freight efficiency.
The rise of private space companies in India cannot be overlooked. These companies are stepping up in satellite communications, space tourism, and resource exploration. By 2035, sectors such as transportation and digital communication alone could drive a 60% growth in the space economy.
Innovations like reusable rockets and small satellites are also paving the way for more affordable access to space, inviting a broader range of participants. Supportive government policies, including funding for research and collaboration with private firms, are set to amplify this growth. Increased international cooperation is crucial, especially regarding the role of space in security and investment opportunities.
India’s space program has achieved significant milestones with missions like Chandrayaan 2 and 3, Mangalyaan (Mars Orbiter Mission), and Aditya L1. These successes have drawn in more investment from not only government entities like ISRO and IN-SPACe but also major private players like the Tata Group and OneWeb.
As policies evolve to welcome private investment, Indian space technology is on the brink of a breakthrough. The ‘Bharat Space Conclave 2025’ marks a critical step towards achieving the ambitious target of a $44 billion space economy by 2033. This shift towards a collaborative and innovative ecosystem could redefine India’s role in the global space narrative.
For further reading on India’s space advancements and potential economic impact, check out this detailed report from the Science Direct database.
Check out this related article: Unlocking Potential: Indian Space Economy Projected to Surge to $44 Billion by 2033, Says FICCI-EY Report
Source linkspace economy, Bharat Space Conclave 2025, FICCI
